Page 937 - Economy & Policy News
Direct tax collections may exceed budget targets, CBDT chief says
Gupta added that if the trend continues, direct tax collections for FY23 could exceed the budget target of Rs 14.20 trillion
 "Direct tax collections may exceed budget targets, CBDT chief says")
CAD may touch nine-year-high in Q1FY23 as net exports soar
India's CAD stood at 1.5% of GDP in the March quarter of FY22 compared to a CAD of 2.6% of GDP in the preceding quarter of FY22
 "CAD may touch nine-year-high in Q1FY23 as net exports soar")
Shaktikanta Das seeks to shield growth as RBI prioritises inflation fight
"We are seeing signs of slowdown globally and it will have an impact on India," Das said in an interview with television channel Zee Business on Friday
 "Shaktikanta Das seeks to shield growth as RBI prioritises inflation fight")
Railways' freight revenue up 19% in Aug, Rs 66,658 cr earning during FY23
Coal freight revenue rose 42 per cent despite rains, floods during August
 "Railways' freight revenue up 19% in Aug, Rs 66,658 cr earning during FY23")
Day after Q1 GDP data, a spate of forecast cuts by banks, institutions
Moody's cut its forecast to 7.7%, from 8.8%, citing dampening economic momentum in the coming quarters on rising interest rates, uneven monsoon, and slowing global growth
 "Day after Q1 GDP data, a spate of forecast cuts by banks, institutions")
Road ministry amends battery safety norms, to come into effect from Oct 1
The notification to mandate amended standards for the respective categories of electric vehicles with effect from October 1, 2022, is in progress
Monsoon might end 2022 with a bang! Sept rains seen good in parts of India
IMD says fresh withdrawal dates will be updated soon; last week it said withdrawal might set in by Sep 7
 "Monsoon might end 2022 with a bang! Sept rains seen good in parts of India")
Govt plans to revamp crop cover scheme PMFBY to woo more insurers
The likely key changes to the scheme will be implemented from 2023-24 crop year (July-June) after the cabinet approval, according to sources
 "Govt plans to revamp crop cover scheme PMFBY to woo more insurers")
Iraq leads with discounts as W Asia retains top slot in Indian oil market
Iraq, India's biggest crude oil supplier, maintained its lead over Russia in August, supplying 12-20 per cent more to India in the first 30 days of the month
 "Iraq leads with discounts as W Asia retains top slot in Indian oil market")
Rajasthan announces amnesty scheme for mining leases up to Mar 31, 2021
The mines department's Arrears and Interest Waiver Scheme, 2022, will be applicable to the outstanding dues of those in the business of minor minerals
 "Rajasthan announces amnesty scheme for mining leases up to Mar 31, 2021")
Sale of petrol rebound in August but diesel continues to decline
Petrol sales in India rebounded in August but diesel continued to show a decline over previous month as rains in several parts chipped away demand in some sectors, preliminary industry data showed.
 "Sale of petrol rebound in August but diesel continues to decline")
Investments rise in June quarter, but still lower than 30% of GDP
Though GFCF growth at 10-year high in constant price terms, but experts say that is overstated
 "Investments rise in June quarter, but still lower than 30% of GDP")
Chhattisgarh reorganises districts for decentralisation, inclusive growth
Chief Minister Bhupesh Baghel will inaugurate three new districts on Friday and Saturday
 "Chhattisgarh reorganises districts for decentralisation, inclusive growth")
UP Inc forges tie-ups in Africa, Europe to achieve $1 trn economy target
The 13 thriving business clusters in Denmark are seen having a good potential for joint ventures, import and export, especially for the MSME sector
 "UP Inc forges tie-ups in Africa, Europe to achieve $1 trn economy target")
India's manufacturing growth stays robust in Aug, inflation eases
S&P Global's Manufacturing Purchasing Managers' Index dips slightly to 56.2 in August from 56.4 in July
 "India's manufacturing growth stays robust in Aug, inflation eases")
Credit to industry hits 8-year high as corporations opt for bank funding
According to the latest Reserve Bank of India (RBI) data, loans to micro, small, medium, and large industries rose to Rs 31.82 trillion as of July end, up 10.5 per cent year-on-year (YoY).
 "Credit to industry hits 8-year high as corporations opt for bank funding")
GST collections above Rs 1.4 trillion for sixth consecutive month
Mop-up increases 28% YoY in August to Rs 1.43 trillion; most big states see double-digit growth in collections
 "GST collections above Rs 1.4 trillion for sixth consecutive month")
August auto sales see record jump on easing chip shortage, new launches
Cumulative dispatches at India's top seven passenger vehicle makers rose 30.2% year-on-year to 329,300 units from 260,450 units, shows the monthly sales data released by the companies on Thursday
 "August auto sales see record jump on easing chip shortage, new launches")
Services exports rise 20.2% to $23.26 bn in July, shows RBI data
India's services exports increased by 20.2 per cent year-on-year to USD 23.26 billion in July, according to Reserve Bank data released on Thursday
 "Services exports rise 20.2% to $23.26 bn in July, shows RBI data")
India leading globally in digital payments, says Rajeev Chandrasekhar
Under PM Kisan Samman Nidhi Yojana, up to Rs 19,000 crore were transferred directly into bank accounts of 95 million beneficiaries in a single day, he added
 "India leading globally in digital payments, says Rajeev Chandrasekhar")